DBS Bank gives USD195 million loan to PT Chandra Asri Petrochemical Tbk to help the company deal with business challenges in the new normal | Bahasa
DBS Bank provides financing for its corporate customer, Chandra Asri, to help the company survive the pandemic
Digital capability enables corporate customers to prioritize sustainable business processes
DBS Bank has been providing Chandra Asri, its corporate customer since 2005, with a variety of banking services, such as cash management, trade facility, treasury, debt capital markets, and financing that focus on the comprehensive needs of the customer.
DBS Bank provided USD195 million (Rp2.9 trillion) worth of trade financing and revolving credit facility for Chandra Asri to meet the company's working capital needs. DBS Bank sees that despite the current pandemic, domestic demand for Chandra Asri’s products remains high because it produces the raw materials for medical equipment such as masks and personal protective equipment (PPE).
To be able to meet domestic demand, Chandra Asri is continuing with normal operations of its plant by implementing strict safety protocols, including by restricting physical presence at the plant to critical workers, and implementing a split-team arrangement for support staff to divide work between home and the office. During the period of large-scale social restrictions (PSBB), when product sales and billing processes run as usual and they have to apply separate work arrangements, Chandra Asri uses DBS Bank's digital corporate banking service, DBS IDEAL, to ensure hassle-free payment transactions.
"We want to show support for Chandra Asri as a corporate customer of DBS Bank in dealing with the current situation, including by providing financial assistance so that they can continue to grow their business. In addition, since May, Chandra Asri has been using our digital corporate banking service, DBS RAPID (Real Time Application Programming Interface), to fulfill its financial needs, especially during these difficult times, by digitizing the banking transaction process to ensure business sustainability," said Kunardy Lie, Corporate Banking Director, PT Bank DBS Indonesia.
RAPID DBS is based on three pillars: Digitalization, Speed, and Inter-connectivity. These three pillars ensure seamless integration between DBS Bank and the systems in the clients’ companies that enable real time processing of payments, account receivables, retrieval of information about customer business workflows, and facilitating business transactions in the customer's network (ecosystem).
As one of the key industry players in Indonesia, Chandra Asri is fully committed to continuing the growth of the petrochemical industry. Therefore, we appreciate DBS Bank’s faith in our company through support for our efforts to reactivate industrial growth to support national economic growth. We are pleased to partner with DBS to implement the RAPID system as part of our Digital Transformation Programme, to continuously improve to better serve our stakeholders with efficiency, innovation, and technology," said Andre Khor, Finance Director /Chief Financial Officer, Chandra Asri.
Chandra Asri is the largest integrated petrochemical producer in Indonesia and operates the country’s only Naphtha cracker that produces Olefins (Ethylene, Propylene), Pygas and Mixed C4, as well as Polyolefins (Polyethylene and Polypropylene). With DBS RAPID, Chandra Asri can reduce remittance processing time as well as error in data inputting, which is in line with Chandra Asri's management's expectation in pursuing a prudent principle in managing its finances to remain sustainable and to be able to overcome the crisis.
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About DBS
DBS is a leading financial services group in Asia with a presence in 18 markets. Headquartered and listed in Singapore, DBS is in the three key Asian axes of growth: Greater China, Southeast Asia and South Asia. The bank’s “AA-” and “Aa1” credit ratings are among the highest in the world.
Recognised for its global leadership, DBS has been named “World’s Best Bank” by Euromoney, “Global Bank of the Year” by The Banker and “Best Bank in the World” by Global Finance. The bank is at the forefront of leveraging digital technology to shape the future of banking, having been named “World’s Best Digital Bank” by Euromoney. In addition, DBS has been accorded the “Safest Bank in Asia” award by Global Finance for 11 consecutive years from 2009 to 2019.
DBS provides a full range of services in consumer, SME and corporate banking. As a bank born and bred in Asia, DBS understands the intricacies of doing business in the region’s most dynamic markets. DBS is committed to building lasting relationships with customers, and positively impacting communities through supporting social enterprises, as it banks the Asian way. It has also established a SGD 50 million foundation to strengthen its corporate social responsibility efforts in Singapore and across Asia.
With its extensive network of operations in Asia and emphasis on engaging and empowering its staff, DBS presents exciting career opportunities. The bank acknowledges the passion, commitment and can-do spirit in all our 28,000 staff, representing over 40 nationalities. For more information, please visit www.dbs.com.
